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Us 23, California 11, Boston 8, Faa 7, Spiriva 6, John Bolton 5, Brown 5, Tim Cook 5, Netflix 5, Jerry Brown 4, China 4, Montana 4, Obama 4, Copd 3, Ama 3, Varney 3, Stuart 3, Idaho 3, Texas 3, Obamacare 3,
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  FOX Business    Varney Company    News/Business.  
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    April 23, 2013
    9:20 - 11:00am EDT  

♪ ♪ ♪ imus in the morning ♪ >> you know, you could call this outrage day. good morning, everyone. stocks will go up at the opening
bell. yes, they will. there are plenty of reasons to get rid of that smile. airport delays, the president will not divert spending cuts to nonessentials, won't do it. tax refunds to people who didn't pay a dime in the first place. the irs overpaid to the tune of 13 billion dollars. 6 million free cell phones for the poor, not enough. the administration wants to extend the program to high speed internet. and the internet sales tax passes the senate. so, you, sit on the tarmac, game the tax system and get your free internet and let's find something else to tax. "varney & company" about to begin.
> >> any politician gets 70 million votes is larger than you and me as much as i hate to admit. it look at the winning smile and trusting eyes and i made myself
vital, after 22 years in congress, i can smell which way the wind is blowing. stuart: kevin spacey, we show you that clip why "house of cards" a hit show only showing on netflix and that's why the stock will soar from the opening bell. look at it up nearly 25% pre-market and offered a month free with "house of cards" as the bait and people liked it, big jump in subscribers, almost as many pay for netflix as h.b.o. that means streaming arrived. and apple likely be to be the stock of the day along with netflix and earnings later. tim cook, pressure on him. apple hasn't had a break through since he took over and the entire financial team is on scrutiny. four apple executives are among the top paid of all 500 top company ceo's, get between 68 and 85 million dollars a year. a lot more than tim cook. he gets 4 million.
apple stock has gone from 705 to 390 in seven months. huh. next, looks like the internet sales tax will breeze through the senate. we have one senator who is opposed to it. he's a democrat. plus, a business owner who makes a lot of money on-line and he says this tax is going to hurt him and his business. but you are going to like the markets when it opens up, a gain of maybe 90 points. that's next. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason
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>> here we go, everybody. it looks like a nice, solid gain at the opening bell for stocks. the dow up maybe 90 points right from the opening bell. and let's bring in tres, and i'll say what i've been saying for the past two weeks, three weeks, this market feels like it wants to go up. >> stuart, you're right. and one thing that impresses me about today's action, you're getting strong leadership from the nasdaq. even when we were working higher, it concerned me you didn't see the participation of the nasdaq versus the s&p and in the last days that changed. yesterday the nasdaq was a strong leader and it's happening this morning. stuart: wait until you see netflix, that's a nasdaq stock. microsoft diddwell yesterday and now what i'm talking about.
tres, thank you. we'll see you tomorrow. we're indeed looking for a gain on the dow, 90 points when that bell finished ringing and they start trading. we're background to pay particular attention to netflix and apple. [bell ringing] they're the stocks of day. netflix is going straight up. i'll say 40 points, but that's a story for a few seconds. the opening trend is up. we're looking again for maybe 90 points higher when all of the markets are open and we're up and running properly. netflix, the house of cards clearly, netflix, by the way makes 20 cents on dollar profit. that's up. it has added a lot of new subscri subscribers. it turned a profit. that's a pretty good picture, nicole, that's a rally.
nicole: a big rally. "house of cards" brilliant programming is helping netflix along and they're surprising to the upside. so we're seeing netflix jumping. 216, and it opened yesterday at a huge, huge move. and adding subscribers is a key and they're surprising everybody. stuart: streaming is clearly winning at the moment and netflix is emerging as the leader of the streaming business, that's the way i see it. >> absolutely, people worried about netflix probably aren't worried, at least not today. >> well, said. the dow is open with a 100 point gain and we're exactly 100 points higher. apple reports the profit late today, four o'clock eastern after the bell. there's a report from a forbes contributor that tim cook's days as ceo may be numbered and i've had many shipments down big and iphone sales expected to be down and apple losing the cool factor
and the stock is down in the past 12 months and this year, calendar year alone, but it's opening this morning above 400. just 404.99. i've got another big name you know, the one that i call democratic luxury. higher profits at coach, and the company's going to boost its dividend. i've got to believe there's a big rally there, too, nicole. >> absolutely. early on we're seeing it up over 10% though coach is doing well and they continue to expand in asia, they're talking about some of their handbags and everybody knows them for accessories and luxury type goods. and they beat the street with a quarterly results and they raised the dividend 13%, a big deal for this retailer and michael kors is up along with it. >> with the 2 1/2 minutes into the trading session. let me sum up where we are now. the dow jones industrial average up roughly 100 points in the early going and some individual stocks like netflix and coach are very, very big. no particular news item in the
background today, and just basically this market looks like it wants to go up. and now, let's deal with one of the outrage stories of the day, if you ask me. internet sales and the tax there of. that bill cleared in the senate and looks like it will breeze through the full senate. i'm going to bring in john tessa, a senator from montana. always a pleasure. thank you for joining us. >> thank for having me. stuart: you oppose this tax, don't you? >> oh, absolutely, i do. i think it's very, very bad policy. what we're talking about doing is montana, a state that has no sales tax, who has a budget surplus and has done a good job managing their money, now it's going to require our small businesses to basically fund deficits in other states and i think it's very, very poor public policy because it's going to throw a whole bunch of administrative costs that they
can't absorb. stuart: i don't mean to be -- you are a democrat. i social democrats with raising taxes and get more money coming into the state and federal government. it's a bit unusual for a democrat to oppose this big new tax. >> no, i think what democrats stand for, they stand for folks who can balance the books and handle the money correctly and spend it on things that will drive the company and this does none of the things-- it's not going to create jobs, if it does, it's jobs within the bureaucracy and put a death nell in our small businesses across the state of montana and across the country and the small businesses are a huge economic driver in the country and the biggest economic driver in monta montana. it's poor public policies. there are some states, virginia, for example, using the potential of this tax coming in for a transportation program. that's not the way that you -- that's not a good government at all. number one. and number two, you're right i heard you on the intro talking
about this things cloture votes. and this thing is bad for businesses and bad for jobs. stuart: always a pleasure, jon tester from montana. >> thank you, stuart. stuart: let's move on to a business owner, he is going to be affected by the on-line sales tax if it actually goes through in the long run. let's go to fly fishing retailers, joining us from boise, idaho. if this were to pass and there were an internet sales tax, what would it do for you? >> it would make it difficult for us to apartment. we do not have an accounting department or a call center and it would make it difficult for us to compete across the board and also make us accountable to 9600 different jurisdictions
that want to impose their tax on us and possibly be audited by all of those jurisdictions. makes us very concerned. stuart: now, you get an exemption if you seles than a million dollars worth of stuff on-line, you're exempt under the terms of this bill. would you be exempt? >> no, we wouldn't be exempt and the funny thing about that exemption is, when this bill was first introduced in this form ten years ago, it was 5 million dollars. six months ago, it was $500,000 and now it's a million dollars. it's an arbitrary number with he no research behind it, it's just a number that they've grabbed right out of the dark. small business administration says a business under 30 million dollars is a small business. the treasury department says under 10 million dollars. i don't know where we're getting these numbers from, but i know these numbers will definitely affect us and how he we do business today. stuart: would you go so far as to say it would put you out of business? >> i wouldn't say it's going to put us out of business.
it will definitely change the way we do business today and it will affect our employees and it will affect where we're located. we will have to move and can't rely on the internet to drive the-- our sales any longer. stuart: okay, wayne johnson, boise, idaho the anglers, what was it again? >> anglers habitat in caldwell, idaho. stuart: thank you for joining us. >> thank you very much. stuart: here is a headline for you, jerry brown, governor of california is feeling the temptation to frack. california is indeed sitting on a gold mine of shale oil and governor brown even admits the state's shale reserves presents quote, extraordinary potential. if uberliberal california decides to frack, it's fair game anywhere else. so here is the obvious question, will the governor okay fracking? a leading voice of california will give us an answer to that question and that's coming up at the top of the hour. remember, we always want to hear
from you, so send your e-mails right now, please. time for your seven early movers this tuesday morning and surely we've got upside movers with the dow up nearly 100 points and the dow component, travelers posts record profit, raises its dividend and surely it's up, 2%. up two bucks there. texas instruments says demand has increased, but customers are still cautious, nonetheless, the stock is up a little. disappointing profits from rent center. i'm not sure what they do. higher profit and more money coming in as another dow component united technologies, okay? and that stock is, basically flat. better than expected profit, the biotech company, illumina and it's up nicely, 12%. dupont, another dow stock, that is. profit doubles as midwestern drought boosts farm sales and it's up, not that much on that kind of profit report. we've got some disappointing results from radioshack and there you go, dead flat, up 3
cents. that's it. and look at the big board again, we're eight minutes into the trading session on tuesday morning, nicely higher. 86 points up from the earlier going. time is money, i've got 60 seconds worth of outrage story this morning. the president decides not to treat the boston bombing suspect as an enemy combatant, he will be tried in criminal court. that raises the question, are we or are we not at war with islamic extremists? ambassador john bolton has an answer and the president also inflicting maximum pain through airport delays and he has the power to stop them. judge napolitano joins us on that next hour. and we'll talk to a doctor who attended a conference on implementing obamacare. so many doctors were so frustrated that they walked out. wait till you see the picture of the empty room. and back to the market, the price of oil, we're down $88 a barrel. now this, not even the tax man
can count money. outrage at the irs, it involves way too much free money being given out. plus, we'll talk to the man who put a dollar amount on the benefit of legalizing pot. i say, his number is way too low. legal weed and money next. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like evi'm with scottrade. me. (announcer) scottrade. awarded five-stars from smartmoney magazine.
>> do you get the feeling that the market wants to go up regardless? look at it now. up 100 points. and it's time to get out the 401(k) statement and see how much you're worth. and check netflix, you want to put a smile on stockholder's face, look at the huge gain. the biggest gainer on the s&p 500 this year and this calendar year up 102%, 40 bucks this morning. incredible. as we've said earlier, it's outrage day and here is one source of the outrage.
a total screw-up, if i may use that word by the irs. the tax man overpaid 13.6 billion dollars for the earned income tax credit. now, these are checks that go out to low income families. it is a tax refund, the tax that was never paid in the first place. and that is free money. 25% of the total payout under the the earned income tax credit bogus, now, isn't that a source of outrage? now this, legalization of marijuana and how much money it would potentially generate. our next guest says the total benefit of legal pot is at much as 20 billion dollars a year, that would come in through tax revenue coming in, and not so much money going out in the form of spending on law enforcement. and jeffrey myron from the cato institute brought us that number and jeffrey, welcome back. good to see you again. >> nice to see you. stuart: 20 billion dollars, it seems like a low number because you know, if you're not paying
for all of this law enforcement, and all those people in prison because of weed offenses, and yet, taxing marijuana where it's sold legally, it seems like 20 billion is a low number. justify it. >> well, first of all, over the past several decades, marijuana has become a lower and lower priority for law enforcement, so, absolutely, we're still making lots of arrests for marijuana and some encarnacions, but not nearly to the extent that we did, 10, 15, 20 years ago, the emphasis shifted to other drugs. and although marijuana is the most widely used illegal drug, it's 6% of the population that says it uses marijuana so it's one product of many, many, many products to take a related example, alcohol of course is a big industry and brings in about 25 billion a year, okay, in tax revenues, but that's based on 50 to 60% of the population using alcohol. so, my numbers may be too low, but i think they're roughly in the right ballpark. stuart: okay, i'll take that.
do you think that 20 billion dollars in year in benefits, if i can put it like that. does that justify making marijuana legal nationwide? >> well, i think that really depends on whom we're asking. for people who are strongly opposed, who think that marijuana use is immoral or causes horrible health effects or a dpagateway drug, i don't tk that 20 billion will convince them. that doesn't mean that national defense is not a good idea. on the other hand for people who think that marijuana is relatively safe. they don't think that the gateway evidence is consistent. that people should be left to do what they want to do so as long as they're not harming others, for them there are lots of good arguments for legalizing even without the 20 billion and that's icing on the cake. >> what tax per ounce of weed sold legally did you put into your equation? >> didn't compute it quite that way, but something like 50 to
$100 an ounce and market prices now of marijuana vary a lot, but typically maybe in the 3 to $400 a range and that's a tax rate which is higher than on say, normal goods as part of the sales taxes and not so high as to drive the market underground because of tax evasion. stuart: would you expect the price generally to the public to go down if it were fully legalized all across the country? >> i think it will probably go down some and my estimates assume a fairly substantial reduction. the same time, i think we're very close to a defacto legal market, in many parts of the country and we can look at data from places where it's even closer to legal, like the netherlands or portugal. i expect a decline, but not a-- >> i think you should look at the figures, i think it would go up, thank you for join us from the cato institute.
>> my pleasure. stuart: we're going to stay on this because it looks to me like it's going to be legal and i want to know how much money is involved, thank you, jeffrey. the gold reports when the dow is up, 111, where is gold? it's down 1411. lots of talk out there by the way that the 12-year bull run in gold is over. not sure where you stand, but that's the talk in the gold market. it's down $12 now. yeah, it's outrage day on "varney & company." how many of you think you'll be waiting longer than you should at the airport in the near future and get this, it is deliberate. president obama could have avoided this. here comes liz and charles. they're fired up about this and they're frequent flyers coming up. ♪ we went out and asked people a simple question:
how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
>> we are seeing real pain on the ground in the form of airport delays. maximum, deliberate pain because of those sequester cuts. here is what senator harry reid had to say about it. >> the airports across the country, millions of americans
who fly will get their first taste of pain of sequestration. many americans have been feeling that pain for weeks. stuart: let's bring in liz macdonald on this one because the president specifically rejected a measure which would have given him the flexibility to say cut here, not there. he specifically threatened to veto it, go. >> it's completely unnecessary, and with the air travel, rather. and reid is basically politicizing what pilots and airlines have gone to court to sue to stop because they say it's unnecessary, what they're doing to inflict pain on travelers to make a point about sequestration. >> if you went to an airport yesterday and sat on the tarmac, my colleague, dana perino did, they said write your congressman and blame congress, leave the president out of this, blame congress, extraordinary. >> the sequestration was the president he's idea as well. the fact that they're doing this to make a political point should make every viewing and every
american taxpayer out there very upset. charles: i think that the airlines are forced to say that. most airlines have come out publicly and said it doesn't have to be this way. a 2% cut in a large area. i've heard from people who work at airports, they're doing construction projects with delays and whatever and the offices are filled with administrative people and this is a lie to the people. >> yes, it is. charles: it's low hanging fruit and we have delays anyway and blame it all on sequestration. >> cuts can be made elsewhere. stuart: they can indeed. california sitting on a huge amount of shale oil and governor jerry brown sounds like he's tempted to go get it. new at 10, a leading voice in california whether jerry brown will indeed frack. plus the suspect in the boston bombing will not be treated as an enemy combatant so here is my question to ambassador john bolton. are we or are we not at war? his answers is next.
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for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. stuart: is outrage tuesday on "varney and company," and here's what we have for you this hour. are you going to go get a gigantic oil reserve you have on your own feet? governor brown says the potential is extraordinary. sounds like he will frack. will he? more crisi cases of the bird fl. and the account implement
obamacare. the audience didn't like what it heard. one of the doctors who exited in disgust. a new hour of "varney and company" starts now. ♪ stuart: why don't you take your 401(k) statement out and check it out, because he will be happy. you are looking at a rally. now look at travelers, the stock is up, what, 3%. contributing 24 points the dow jones industrial average, record profit, raised the dividend and the stock up 3%. the big winner today, netflix. added a lot more subscribers than expected, the stock is up big. how big? nicole: let's check it out. it is fun to look at netflix now.
a gain of 21%. they are adding subscribers. original programming. this is a $300 stock. in the summer of 2011. it tanked. this year it is having a stellar year and doing very well. stuart: we have new home sales running at an annualized rate of 417,000 in a year, i believe that is the accurate number. up 1.5% in march. i don't think that is a very positive number. charles: not a great number at all. stuart: i was expecting a lot higher. charles: it is better month over month, but not great at all. stuart: i want to get to netflix. would you buy it at 210 now? charles: now, but i should have had this one. we took profits on it, my daughter just got rid of cable and talk about buying netflix.
my wife had a netflix account, my son had netflix. i should have stuck with this one. nobody is talking about, they still made $113 million. will the $131 million from the streaming stuff. so that's maybe the secret weapon for now. liz: people are ditching hbo and showtime. charles: people have to get worried about "the house of cards." will the others do the same thing? stuart: it seems like a rare conflict in a confidential spot. apple reported its numbers after the bell, reports of less demand for the ipad mini. tim cook possibly on the way out. nicole, it is up barely, $3.
nicole: this is one of the most highly anticipated earnings report this earnings season. the stock finally broke through the $400 mark, people were rooting for it. i finally got a little something. up 3 quarters of 1%, nowhere near $700 as it was last september. lots of people waiting for the next great product. everybody is waiting to see. talking about tim cook asked the head of the operations. stuart: hold on a second, first the same question to both of you, would you buy it at 401? liz: i own it. apple is trading at the same pe as dell, and dell has 17% less market cap. this is important. now trading at half the value of google, three times google
sales, does that make any sense? stuart: are you still going to own it? would you buy it at 401? charles: i think it goes up on earnings because of low expectations. stuart: ambassador john bolton is sitting with us and i will not ask him about apple. let's take a look at fracking. california of all places. he is considering going after the state huge shale oil reserves. billions of barrels of it sitting in the monterey shale basin ready to be fracked. features is so they could collect tax revenue if california would simply tax its own resources. so will governor brown do it? larry elder is here, the voice of california.
ask the question, is governor brown going to get out and take one? >> the question is to frack or not to frack. i think the governor will push for this. yes, he is left-wing, yes, environmentalists have power, but 500,000 jobs can be traded in the next two years, states that runs annual deficits for $20 billion. imagine what they can do with all this money. they will not have to have all the cuts they are having. other cities are thinking about it, and this would put a great deal of pressure off of it. i think that would go through. stuart: you're making a case governor brown will frack. he will face gigantic opposition from the uber green environmentalist of california. >> he will, but a usc study that has been independently done to
be sure it was in part financed by oil and gas industry, they argued this needs to be done and will have a great environmental and economic impact. another study in new york looked at not only economi the economit of environmental impact and said fracking can be done safely. two studies done by either coast. the tax revenues are big enough, powerful enough, job creation big enough will override the power environmentalists have in the state of california. stuart: i think you're right, i'm asking you if california goes ahead and does this, that would open the door to all of america. i can't see anybody standing in the way of fracking for natural gas and oil. >> that is right. it is a similar decision obama made on the keystone pipeline situation.
the prime minister of canada was shocked and turned it down. his administration looked at it, probably the most research environmental project ever, and obama turned it down. not for science reasons, but for political reasons. will jerry brown turn it down for science reasons or political reasons? i don't think he will turn it down. his concern about the state deficit, $500 billion unfunded pension liabilities, stuart, they have to do something about it. this will be a huge revenue in just two years, are you kidding me? you can't turn that down. stuart: i'm totally with you, it is not even funny. i bet you're going to get some calls on this on a radio show. i have some breaking news to get sued, but always a pleasure, come and see us again soon. let's get to the breaking news, senator max baucus will not seek reelection 2014. he chairs the senate finance
committee and recently called obamacare and implementation of obamacare a train wreck. the 2014 election, will not stand for reelection. the repercussions, can feel it. that opens it up for republicans and it adds to the questioning of obamacare. he said it was a train wreck. liz: he cast a key vote for obamacare and is now dialing back. a big powerful player with regards to taxes. stuart: all right, everybody, check the big board please. it is a rally, several hitting all-time highs propelling the overall average higher. give me the list, nicole. nicole: take a look, walt disney, home depot, procter & gamble, travelers and johnson & johnson. all-time highs as you know, others hitting all-time highs as
well. in certain cases like johnson & johnson and as many so heavily traded they have hit 20, 40 times new highs this year. each time they move higher, they hit a new high. stuart: can you put that list back up again? if i had followed charles payne's advice and bought stocks in the companies putting out the products i use, i would have bought every one of those stocks. i visit disney, go to home depot, i buy soap powder from procter & gamble, i have insurance and buy a lot of band-aids at j&j. nicole: whatever you are doing today, let's find out what stocks will be going to all-time highs after this. stuart: i just took delivery as of 10 minutes ago from a brand-new john deere tractor. okay?
nicole: anything else? have you been to wal-mart over the weekend? stuart: we're out of time, have ambassador sitting next to me. president obama, he has the power to stop all these flights delays but he will not do it because he wants to score maximum political points. that is my opinion. my take on that coming up. and the napolitano, he says it is an impeachable offense. the judge will have some explaining to do later this hour. the government program that provides free cell phones caused $2.2 billion per year. despite the cost, the president wants to expand the program to free high-speed internet service, high-speed, no less. they needed, he says, to find jobs. but lawmakers say enough is enough. >> handing out phones and
allowing them to be sold on the black market isn't the way to do it and we have to stop. he wants to expand the program into broadband. that is a very bad idea. stuart: she is a democrat. details coming up in a moment. let's go to the boston bombing suspect that the decision not to treat him as an enemy combatant. are we or are we not at war with islamic extremist? ambassador john bolton is here. the answer is very important because it takes how we respond to the boston bombing and what we do with the suspect. >> they have been at war with us well over 20 years. the unwillingness to recognize that is the situation we are it will not only lead to miscarriage of justice with respect to the boston marathon attack but will leave us more vulnerable in the future to other attacks of a similar nature. stuart: you have a hard edge
editorial, as i read it you are saying let's go get them, where they are. are you saying that? >> i think that is the best way to handle this otherwise we're talking about major provisions to this society, s security vers privacy. in the case of the boston bombing, we need much more investigation of the potential connection with international terrorism through radicalized islamists who have been deployed not against russia but against targets worldwide. that is a connection that could lead us to other threats. stuart: we will not send grounds over the public, are we? >> i'm suggesting much more robust compelling capability. stuart: how would you do that? a more robust intelligence gathering.
>> getting more agents, more americans, more foreign nationals on the payroll. the politically correct obama administration people don't want to do but you will not get information from citizens. it means getting in the face of terrorist overseas rather than trying to defend against every knapsack in the united states. stuart: we will not get any more information from this suspect. >> because of the decision to insert him into the political justice system. the lawyers telling him not to say anything more. what we should have done with this fellow is declare him an enemy combatant, send him to court, but guantanamo bay. stuart: investor john bolton. thank you very much. next, my take on president obama's decision to inflict maximum pain on a
sequester cuts through airport delays. where the faa could have cut the that the president had let him. outrage tuesday rolls on after this.
stuart: this is an understatement, netflix shares are up this morning. way up. more people signed up to pay for netflix after three months of "house of cards."
people loved it. many people subscribe to netflix now, almost as much as hulu, hbo. iphone sales expected to be down. apple down this year, up only $1 now, below 400. look at coach. i always considered it a demographic luxury. sales are up better than expected, coach is assuming 11%. $5 stocks hitting all-time high. all of them are up. up 125. outrage tuesday rolls on in a moment. [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ]
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until you ow how toviaz affects you. the most common side effects are dry mouth and conspation. talk to your doctor about toviaz. stuart: if you're not making enough money with the dow up 125 points, let's bring in charles payne with a stock he has revealed before. charles: we had the ceo on before. light emitting diodes coming out strong. we said the man will take off big time in taiwan. the first quarter was extremely challenging but they turned a corner, what they did was the led operators are close to full capacity and they're probably going to make rush orders for the first time in two years. his company reports after the bell, they have been beating the street by single digits but in the meantime there is outrage on the stock.
i really think not only will this go beyond all-time highs, wall street will have to pay attention. stuart: this is one of your winners. charles: it is called "chasing." stuart: wishful thinking. doctors fed up with obam obamace before they even take effect. a lot of them attending a conference on how to implement obamacare, implement the law, they walk out in frustration. this is virtually empty conference room later this hour, one of the doctors who attended that conference and took this picture will join us. that is incredible. a bipartisan group of senators is doing it right now holding a news conference to announce a measure that would stop the faa from her glowing air traffic controllers, it would relieve the pain, they're trying to
reverse the maximum pain inflicted by the president with a sequester cuts. we're working to get one of those senators on the program after the news conference later this hour. you know, i fly a lot. i don't like plays that are a direct result of the administration policy. i suspect i'm going to run into a lot of delays this summer. so will you. and i know exactly who i'm going to blame. here's my take on president obama, spending cuts and the deliver deliberate impae budget. the faa had people on air traffic controllers. did you know the faa will spend $500 million on consultants this year? 325 million on supplies and travel? 470 million on grants. to make communities more livable and stable. why not divert some of it to air
traffic controllers so we can avoid delays. you can't do that, the president doesn't have the flexibility to shift spending away from services. now, the cuts must be across the board. so why did president obama threatened to veto a republican bill that specifically gave him flexibility? why did he reject the opportunity to emplo and void inflicting pain? he wants air travelers to blame republicans. as you sit on the tarmac, you're being urged to write to congress. administration is using the heavily regulated airlines to channel your anger. it hurts them, so blame the republicans, not me. i don't think it is going to work. we can see through this ploy and don't we deserve better management than this?
i'm going to try to remember the last time a president deliberately hurt the president to score political points. i cannot remember, this is yet another first for the obama team.
stuart: keeps on going, wants to go up and it is, 129 points higher. look at that. to nicole, a lot of stocks up today, and you have one. an airline? what? nicole: take a look at delta airlines, up 6%. the news is they reported higher than expected first-quarter profits, revenue on the rise. the thing that we are noting in the other piece of good news is declining oil prices will help offset revenue weakness. but the added federal budget cuts in light of demand for leisure travelers expected to hurt the key measure they have in april. that's not a good forecast, have been upgrading better food, better entertainment that is sort of a mixed bag. it is a winner. stuart: just like that. a long time. baby today is the day. a contributor to "forbes magazine" suggests that tim cook
stays as apple chief days may be numbered. you own a piece of it, you're watching apple for the fox business network. i say any hint tim cook is about to be ousted is pure unadulterated nonsense. liz: i read that story. it is very vague. who could possibly replace tim cook? he may not be as out there and aggressive as steve jobs is, but the mastermind behind some very important product launches coming out in the second half, that is what goldman sachs and others are predicting. stuart: charles, if steve ulmer can survive 15 years in microsoft and jeff immelt at ge, i would think tim cook will still be at apple.
charles: he should be at the company and have a voice at the company but maybe not running it. getting rid of them might be sort of saying you completely botched it. keeping him shows a brave face of all is well. stuart: you still owned apple. liz: i will get to it after the first commercial break. stuart: first updates now, the bird flu has killed 22 people in china, infected 109 in total. health officials say some of those infected had no history of contact with poultry. a direct quote. how is it getting it then? in boston at the moment, but apply your skills to china bird flu, the big problem is we don't know how it is going to be
transmitted. that would really change everything, wouldn't it? >> stuart, you're one of those people who don't overreact to infectious news. this will cost millions if not billions of dollars if people start to panic like what happened with sars. those type of flus have never been shown t to cause human pandemic. the thing that worried health officials and the world health organization always gets worried about these things sometimes unnecessarily is the flu is lodging in the upper airways of humans which could conceivably make it something that would spread human to human. it is possible a few of them have gone human to human rather than just from bird handlers. that doesn't mean it will be a sustained spread. it has to take off, has to
become high infectivity rate. i am not expecting that to happen. stuart: the problem is that gets people worried if there is a remote possibility. a couple examples of human to human, you start shutting things down because people were a very serious about catching it so they avoid contact, they avoid work and the economy starts to slow down dramatically, that is the concern, isn't it? >> that is exactly what is starting to happen. in china they are starting to screen people. it is wise the center for disease control is preparing a seed bank to possibly make a vaccine, but that news gets out and people think what am i going to need a vaccine for because it is something fearful like this that over personalize the risk and think it will happen to them. that is not correct, but that is human nature. the prominence in the market predominates here at will cost billions if this trend
continues. stuart: i want to tell the audience what you are doing in boston now, 30 seconds, tell us what you are doing? >> first of all i am freezing. we're having london weather. i don't know how you live in this kind of climate. i am up here interviewing victims who are surviving to have courage, saying they are not giving into terrorists, interviewing, surgeons are worked through the night and say it is a lot like the war here with some of these injuries and interviewing the rehab people who will take care of these people as they get better. the message of hope and courage. stuart: good work, doctor. we want those reports. to the big board, now up 140 points, back above 14, 700. flight delays as a result of delivered pain. president obama could have avoided it but he didn't. judge napolitano, he joins the
oak ridge, did the president commit an impeachable offense? the president is here. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account.
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airport controllers. the sequester cuts could've avoided these furloughs. judge andrew napolitano is here. i introduced the expression and teachable offense. maybe i shouldn't have done that. at 6:00 this morning eastern time you and i were discussing an impeachable offense out in the hallway. i think that is going too far. maybe it is an impeachable offense, but it is not going to happen, is it? >> no, it isn't going to happen. emotionally, physically, financially, but it does not rise to the level the constitution requires for an impeachable offense. i don't think congress would go through this again with the disaster or the efforts to impeach. stuart: of course, out of the question. but your point is in the absence of a budget, the president does
have the power to say you get this and you get that. you've got it. stuart: he can't take money from defense and give it to justice, but he can take money in whatever budget funds the air traffic controllers and say as he said so eloquently this morning, why all this money for consultants when we need human beings in the control tower powo get the planes up and down in a timely manner. without a budget mandated in this column, he has legal ability to move the dollars back and forth. liz: the white house is already moving money away from preventive care toward the health exchanges.
>> kno now what do you do with a president inflicting pain upon the public? neither can deny a time our -@lifetime or american history where an american president had the option not to inflict pain intentionally inflicted pain on the public in order to make it illegal. stuart: i think he will back off. >>im] only the political backlah will get him. i don't think he will be impeached for this. elect the president to put his arm around the american people, not to ride them. stuart: i want to bring you up-to-date on the big, hate to say this, but screw up on the overpaying 13.6 early in dollars in tax credit designed to illustrate to low income families. 13.6 billion, but a quarter of the total payout in the income
credit. a check that goes out early in the year to families who have not made any money into the federal income tax. it is free money, who once respond to that one? >liz: they were expanded since 2009 so more people could take advantage of it. this is classic, spend money to lose money, throwing money out the door and check later to see if it was right. same thing with free cell phones. stuart: the most corrupt government program around. 25% of what you're paying out his overpayment, maybe the word corrupt is wrong. >> you can see how cavalier the government is with other peoples money. is the government paying out $13 billion to those who are not entitled to it.
charles: all of these local programs makes it really hard for people to make the transition to the so-called middle class. you have a moment you lose a lot of days when we have to turn down working extra hours because it is an economic hit to make it up the ladder. stuart: thank you very much for being with us again this morning. the major walkout on a conference at how to implement obamacare. they were full of doctors and did not like what they heard. one will tell us why she left the room in disgust. that is next. with ideas, with ambition. i'm thinking about china, brazil, india. the world's a big place. i want to be a part of it. ishares international etfs. emerging markets and single countries.
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all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at we put the law on your side. stuart: would like to bring you up to speed on gas prices in this program, and look at it now, $3.51 is the national average. a new normal around $3.50. usually go up from there. we are down today, the prices moved to $88 per barrel. we're keeping a close eye on gold. gold down 13, barely above 1400. march new home sales out this morning, the annualized rate of new home sales 417,000.
check the big board, no impact on the stock market, we are up 137, that's a rally. we keep on watching netflix this morning, it is the stock of the day. more subscribers, better profits, up 22%. next, the doctor who walked out of obamacare implementation conference. [ female announcer ] everything that goes into a lennox system
is engineered for comfort. like parts that create the perfect temperature and humidity or the parts that purify the air. together these parts can cut your heating and cooling bills in half. that's comforting. call now to get up to sixteen hundred dollars back or 12 months deferred interest on select lennox home comfort systems. offer ends june 14th. plus download our free lennox mobile app with an energy-savings calculor. lennox. innovation never felt so good. stuart: take a look at this picture, this conference from hosting an annual medical meeting. it is nearly empty, as you see.
the doctor who took the picture was live tweeting. he said doctors are literally walking out of this talk of obamacare where men and women of the mind, not mindless drones. joining us now. doctor, what did you hear that made you walkout? >> good morning, stuart. letting physicians have a voice. we are the very last people to have even been consulted regarding health care reform, which we really need. the talks probably going into this fabulous convention hall filled with thousands of people, when i got to the room i was stunned there were only a couple hundred physicians even there to the meeting. it was entitled physician leadership in health care reform and finally yes, we need physician leadership. we have been clamoring for a good reform, not making the bad
part, the entire part of health care. then it became very clear their idea of physician leadership was us leaving our patients to follow obamacare, leading the sheep to slaughter. this is not right. stuart: or "the american medical association" backs obamacare, they want this change in this system. you say it is the exact opposite? >> boots on the ground is the exact opposite. less than 18% of those on the ground practicing physicians or even members of the ama. he is a huge pile of michelle and barack obama appointed to the board. our representation through the ama is not the american doctor.
the ama makes hundreds of millions of dollars off the billing collusion between the government. they make more money from working with the government and business without the government contracts tha and they be representing the voice of the doctors, so the ama should be exposed for defrauding the american people. stuart: what would obamacare due to your practices? >> being an eye surgeon, majority of my patients particularly when i do cataract surgery, they are on medicare. i have read and in fact dissipating with a group, tweeting entire affordable care act, throughout that money is taken away from the seniors,
taken away from procedures they need, a cataract surgery for other parts of the law, and so i believe it is going to result in the rationing of care, the denial of care based on patient's age, based on their disability. if you read the law, you will see this. about three quarters of page 38. beyond that the rest needs to go. stuart: forgive me, have to walk away from this for breaking news, but we really appreciate you being with us this morning. come back again when we have some more time. thank you, doctor. senators, republican and a democrat expectedly, they just held a news conference on the unnecessary pain you are feeling at the airport. the democrat from connecticut joins us now from capitol hill. welcome to the program.
you have a proposal of which would fix these delays, am i right in saying your proposal would stop the faa taking money away from air traffic controllers, is that correct, sir? >> our proposal deals with the air traffic control towers. smaller airports, 189 slated to be closed at airports in more than 40 states around the country. we believe the faa has the ability to avoid those closures of the contract towers distinct from the others were there has been substantial delays as a result of the furloughs announced. distinct from the contract. stuart: senator mitch
mcconnell just called on the president to get some flexibility on how the cuts affect air traffic controllers, do you support that, sir? >> i believe there should be a postponement in these furloughs at a time heightened concern about security, we want to avoid the airport, our economy may be impacted by these furloughs to slow down our economic recovery and job creation a postponement of 30 days or more would give the committee and the state senate time to work out an alternative, the harm and the delays and possible cancellations could impact economic job creation. stuart: do you think the president is prepared to walk back down a little on the imposition of these cuts in air
traffic controllers and go with you on the suggestion of a 30 day delay? do you think you're the president on your side on this one? >> i think the president obviously is deeply concerned about the convenience and the cost of the possible impact of these furloughs, perhaps maybe not the doomsday scenario, but still, a concern and i'm hopeful the administration will be responsive. stuart: thank you for taking time out of a very busy day and coming on "varney and company." we appreciate it. that was interesting. looks to me like there could be some back awa backing away. very interesting.
on a business trip, trying to bring jobs from high-tech illinois to no tax taxes. how does chicago's mayor respond to that? we have an update, and that is next. we went out and asked people a simple question:
how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
stuart: texas governor rick
perry in chicago trying to lure businesses to his state. but his visit to not go without mayor rahm emanuel snarky comments. saying "i hope he comes remember all three of his reasons because it will be a real test for him." what made the mayor so angry in the first place? liz: hilarious. saying get out while there is still time, businesses. the escape route leads right to texas. get out while there still time, run for your lives. charles: they are rounding up the cattle. he is plain talk, but forgetting about all the other stuff, he is spot on. he will be upset. liz: 350,000 taxpayers already left illinois. that is a lot of people.
stuart: we will be right back. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
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stuart: i sound right. the dow jones industrial average is up 130 points. charles, totally wrong thing it has something to do with developing world growth rates. charles: it is a key thing. [ laughter ] stuart: first we hear about it. anything else to add? charles: keep rocking. stuart: you want to buy this thing. charles: ultimately, people have to be invested in the market. stuart: